Attention Home Sellers!
If you owe more than your home is worth AND you are having trouble making ends meet, there are many options available to you. One of those options is the short sale.
A short sale is just like the traditional sale of a home for current market value. The only difference is that your mortgagor must approve the purchase price and will subsequently forgive the difference between what you owe and the sale price.
Is a short sale right for you? Well, each situation is different, and it is always a good idea to consult with an attorney and/or an accountant regarding the consequences of a short sale transaction.
When hiring a real estate agent to list your home for short sale, you will want an individual that is experienced with short sales.
Here are some questions that you could ask in your meeting with a potential listing agent for your property:
- How many short sales have you listed in the last year? How many have you closed?
- Who will do the negotiating in my transaction? How much short sale experience does that person have?
- How often will the negotiator from your team contact the bank(s)?
- What is your experience with (your lending institution)? How many short sale transactions have you done with (your lending institution)? Are they usually fast or slow?
- When will you collect the short sale package from me? What else may be required of me? Will I have to pay for anything at closing?
After speaking with a few potential agents regarding listing your property, I guarantee that you will be able to identify the individual who will be the best at getting the job done for you! And . . . don't forget to ask for a few referrals before signing on the dotted line!
Broker, Realtor®
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